No, this is merely an account where "funds are held in escrow". I know it sounds the same but it's not and it can be quite confusing initially. It sounds like your lender is doing what is required in a case like this. This escrow account starts off with a lump sum and is gradually decreased by funding construction costs or repair costs.
The escrow accounts you're thinking of would be where the customer paid into it monthly with their regular payment and this money would build up to eventually pay property taxes, insurace and other possible thing (ex: HOA dues, etc.)
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Can't is not an option.